M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Joinn Laboratories (6127 HK) Waiting longer for recovery to materialize Target Price HK$10.36 Joinn reported 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked (Previous TP HK$14.41) attributable net loss of RMB272mn, a significant downturn from an attributable Up/Downside 24.6% net profit of RMB188mn in 1Q23. The 1Q24 revenue accounted for 13.4% of Current Price HK$8.31 our full-year estimate, in line with its historical a ...

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) Steady 1Q performance amid challenging environment Target Price RMB53.23 WuXi AppTec reported 1Q24 revenue of RMB7,982mn, down 11.0% YoY, (Previous TP RMB67.53) attributable recurring net profit of RMB2,034mn, up 7.3% YoY, and attributable Up/Downside 21.9% adjusted non-IFRS net profit of RMB1,913mn, down 18.3% YoY. 1Q24 revenue Current Price RMB43.67 / adjusted Non-IFRS net income accounted for 20.4%/ ...

| RESEARCH 6 May, 2024 Nameson (01982.HK) Current Price HK$ 0.69 HKD, mn 2019/ Absolute 27.8% 38.0% 91.3% 63.3% TARGET PRICE HK$ - Expansion of cashmere yarn business: Nameson (01982.HK) entered into a JV agreement with its largest cashmere supplier, Hebei Yuteng, to engage in the manufacturing of cashmere yarn in Vietnam, the total production capacity per annum is designed to be 500 - 550 tonnes. Given the >80% utilization rate of cashmere yarn in Hebei, an increase in production capacity in Vietnam suppor ...

Copyright© SBI China Capital Financial Services Limited. All rights reserved. 2-May-2024 ︱Research Department | --- | --- | |--------------------------------------|-----------------| | | | | | | | Ticker (01846.HK) | | | Recommendation | Buy | | Target price (HKD) | 6.92 | | Current price (HKD) | 5.36 | | Last 12 mth price range | 4.15 – 5.92 | | Market cap. (HKD, bn) | 1.79 | | Source: Bloomberg, SBI CHINA CAPITAL | | 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 5.80 6.00 EuroEyes(01846.HK) The overall per ...

M N 30 Apr 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (000338 CH) 1Q24 net profit +40% YoY in line; solid growth outlook Target Price RMB20.40 While Weichai Power (Weichai)’s revenue growth of 6% YoY in 1Q24 is below (Previous TP RMB20.40) our expectation, net profit of RMB2.6bn (+40% YoY) accounted for 21.4% of our Up/Downside 15.0% full-year estimates (run rate in 1Q23: 20.5%), which is still in line with our Current Price RMB17.74 expectation. The earnings grow ...

M N 30 Apr 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (2338 HK) 1Q24 net profit +40% YoY in line; solid growth outlook Target Price HK$22.00 While Weichai Power (Weichai)’s revenue growth of 6% YoY in 1Q24 is below (Previous TP HK$22.00) our expectation, net profit of RMB2.6bn (+40% YoY) accounted for 21.4% of our Up/Downside 33.3% full-year estimates (run rate in 1Q23: 20.5%), which is still in line with our Current Price HK$16.50 expectation. The earnings growth ...

30 Apr 2024 BYD (1211 HK) Related Report "BYD (1211 HK) - Good FY23 earnings quality" - 28 Mar 2024 Earnings Summary | --- | --- | |---------------|------------| | Target Price | HK$262.00 | | (Previous TP | HK$262.00) | | Up/Downside | 21.1% | | Current Price | HK$216.40 | 12-mth Price Performance Source: FactSet | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|---------|-------------|---------|---------|-------------|-------|---------|----------------|-------| | RMB mn | F ...

29 Apr 2024 CMB International Global Markets | Equity Research | Company Update Alphabet (GOOG US) 1Q24 earnings beat on efficiency gain; GenAI development on track Alphabet announced 1Q24 results: total revenue grew by 15% YoY to US$80.5bn, in line with consensus estimate; GAAP net income was up 57% YoY to US$23.7bn, 21% ahead of consensus estimate, thanks to Alphabet's organization optimization which leads to greater velocity and efficiency. The company further raised its shareholder return, announcing a ...

29 Apr 2024 CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) In-line 1Q24 earnings GAC Group (GAC)'s 1Q24 results were largely in line with our prior estimates and we maintain our FY24E net profit forecast of RMB5.4bn. We are more conservative than management about Aion's sales volume and profitability, as we believe that Aion needs quality growth (brand upscale, overseas expansion etc.) in FY24E to lay out foundation for long-term development. We are of the view that ...

M N 29 Apr 2024 CMB International Global Markets | Equity Research | Company Update SANY Heavy (600031 CH) 2023 net profit a miss; 1Q24 still weak; Stay on the sidelines Target Price RMB14.80 SANY Heavy (SANY)’s net profit in 2023 came in at RMB4.53bn (+6% YoY), (Previous TP RMB12.30) which is 12% below both our and consensus estimates. In addition, net profit in Up/Downside (7.7%) 1Q24 only grew 5% YoY to RMB1.58bn due to a lack of revenue growth (-1% Current Price RMB16.04 YoY). We are still concerned abo ...